An amazing 5 year bull run it has been! The S&P 500 gained 94% over this period to reach a new record high of 2000 points! It currently trades at around 19 times earnings, which way above its historical average of 15 times earnings. Investors that had parked mostly in cash over these few years could only watch in envy as the market climbed higher and higher. Even some of these investors have started to lose their patients and instead follow the crowd by jumping on board too, but do keep in mind that by paying 19 times earnings, not only does one not have any margin of safety, one is greatly at risk of capital loss! Back home the STI has only gained a disappointing 25% over the last 5 years. The STI seems "stuck" around the 3300 level and it might be years before it ever touches its ......